Perhaps this post is premature but on the other hand it’s always good to be prepared and have an eye on the future. So while you may only be in the very early stages of your Converge Challenge journey let’s take a look at why come the end of September it’s important to understand why your business plan is not complete, and in fact its life has only just begun.
Throughout the process of Converge Challenge you will learn how many people in Scotland want to support you and see you succeed. We are very lucky to have such a developed entrepreneurial eco-system around us and as time moves on this only matures and develops more facets to meet your changing company’s needs.
So how do you tap into this ecosystem and what does it have to do with your business plan? Well, you’re business plan is your starting point for accessing this help.
One of the most significant forms of early finance available to Scottish companies aside from the impressive prizes offered through Converge Challenge is ScotEDGE who give over £1million to early stage businesses every six months. If you weren’t aware of the EDGE awards, you should be!
The rewards of this programme to an early stage business can be significant but the application form makes you work for it and your business plan forms the backbone of this. If successful you will become part of another programme whereby you can access some of Scotland’s business heavyweights like Sir Tom hunter and Sir Willie Haughey. They may ask some tough questions when deciding who to hand many thousands of pounds to, but their questions will usually pick out the potential weak points of your business plan, and that information is invaluable. So listen, learn and take the little nuggets that will refine your proposition that little bit more.
Another thing to consider is would you benefit from being part of an accelerator such as Entrepreneurial Spark or Up Accelerator? Accelerators offer hands on mentoring and just like EDGE you will need to apply to become part of one so yep, you guessed it, that business plan is going to come in handy yet again! Accelerators are commonly structured around the topics covered by your business plan so expect to go into each in a lot more detail. By the end of the accelerator your business plan may be unrecognizable.
Finally, as your company matures and the need for investment grows you should be thinking about EIE (Engage Invest Exploit) the technology investor showcase run by Informatics Ventures each year. Through the 5 month programme you learn the skill of taking your business plan and condensing it into a succinct investment pitch. Covering all of the key aspects in the right level of detail is a skill but EIE helps you every step of the way. Additionally it offers you access to mentors, investors and a platform to promote your business to over 750 people so an opportunity not to be missed.
So as you’ve seen a business plan is never done. It is constantly evolving as your company grows and you absorb good advice. It’s a great tool for accessing some of the best help available to entrepreneurs in the UK, so take advantage of it and good luck with the rest of your Converge journey.
By Nicola Bull
Informatics Ventures
@infventures
Image: Courtesy of Isaac Bowen https://www.flickr.com/photos/isaacbowen/2752095700
